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CHICAGO AND NEW YORK — Global commercial real estate services firms Cushman & Wakefield and DTZ have reached a definitive agreement to merge operations. According to multiple media outlets, DTZ is acquiring Cushman & Wakefield for approximately $2 billion. The new company, which will operate under the Cushman & Wakefield brand, will have revenues exceeding $5.5 billion, more than 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. “DTZ is elated to be merging under the prominent Cushman & Wakefield brand. The companies have remarkably complementary skills and reach in different geographies — whether in New York, London or Shanghai, this will be a formidable combination,” says Brett White, who will assume the role of chairman and CEO of the combined company. White has more than 30 years of experience in the real estate industry and his previous role was CEO of CBRE. “While breadth and depth are important to serve clients, it’s not just about size. It’s also about local expertise and deep customer service, which are strong traits of Cushman & Wakefield and DTZ, and ultimately what will differentiate us going forward,” adds White. Upon completion of …

NEW YORK — HFZ Capital Group, whose founder and chairman is Ziel Feldman, has secured the acquisition of an $870 million development site after securing $1 billion in financing. The property, known as 76 Eleventh Avenue, is a full city block from 17th to 18th Streets between Tenth and Eleventh Avenues that runs along the High Line Park in Manhattan’s Chelsea neighborhood. High Line Park is an elevated trail built on a section of the former New York Central Railroad. The financing will cover the purchase price for the property, as well as other pre-development expenses, according to media reports. A group including JPMorgan, BlackRock and SL Green provided the money. Carlton Group, owned by Howard Michaels, represented HFZ in the transaction. According to reports, 70 percent of the financing package is a loan and the remainder is equity. Howard Michaels, chairman of Carlton Group, acted as a financial advisor to HFZ in the transaction. HFZ reached an agreement to buy the site last year. The financing will allow the developer to close on the property at a price of $1,100 per square foot. “We have a unique opportunity at 76 Eleventh Avenue to develop an architecturally significant project with unparalleled …

NEW YORK — Monday Properties, in partnership with Dallas-based Invesco Real Estate, has sold 230 Park Avenue to RXR Realty for $1.2 billion. The 34-story, 1.4 million-square-foot property, known as the Helmsley Building, is one of the largest office building sales transactions year to date in New York City. “When we purchased 230 Park Avenue, our vision was to elevate one of the most historic and visible New York City office buildings into an energy-efficient, modern trophy property,” says Anthony Westreich, chairman and CEO of Monday Properties. “We are delighted not only with the return on the investment, but that we had the opportunity to contribute to the building’s iconic status and leave a lasting legacy that will benefit the community.” As an owner and operator of 230 Park Avenue since 2002, Monday managed an extensive capital campaign of approximately $200 million to reposition the building. This program included several interior restoration projects including improvements to the lobby, restrooms, common corridors and custom wall coverings, as well as exterior improvement projects to refurbish the walkways and install a façade lighting system that features 700 LED luminaires. In addition, Monday worked with the Landmarks Preservation Commission to renovate all passenger elevator …

CAMBRIDGE, MASS. — Forest City Enterprises Inc. (NYSE: FCE-A) has entered into a share purchase and redemption agreement to acquire Health Care REIT Inc.’s (NYSE: HCN) 49 percent equity interest in seven life-science office properties and two parking facilities at University Park at the Massachusetts Institute of Technology (MIT) in Cambridge for $573.5 million. University Park is a 27-acre, mixed-use campus developed by Forest City adjacent to MIT. The project includes 10 life-science office buildings (including one under construction) totaling more than 1.7 million square feet, as well as 530 apartment units in four multifamily properties. The two companies entered into a 51/49 equity joint venture for the properties in February 2010. University Park amenities include a landscaped commons, a 210-room hotel, a grocery store, restaurants and neighborhood retail. MIT is the ground lessor for the entire University Park project. The redemption price for the properties is $573.5 million, less Health Care REIT’s 49 percent of the outstanding debt on the properties, or approximately $174 million. The purchase price represents a projected 5 percent cap rate based on forward 12 months net operating income. At closing, which is expected to occur by October, the net redemption price net of debt …

ASHEVILLE, N.C. — New England Development, a retail and outlet mall developer based in the Boston suburb of Newton, Mass., has opened the 75-store Asheville Outlets located at 800 Brevard Road in Asheville. The 325,000-square-foot, open-air outlet center houses such brands as Ann Taylor Factory Store, Banana Republic Factory Store, Brooks Brothers Factory Store, Coach, Cole Haan, GAP Factory Store, J. Crew Factory, Nike Factory Store, Tommy Hilfiger, Under Armour, and Vera Bradley Outlet. New England Development plans to open a 50,000-square-foot Field & Stream at the outlet mall in October. In addition to the retail shops, Asheville Outlets also includes a 350-seat food court that features free Wi-Fi and Asheville’s first dog watering fountain and way station. “We truly appreciate the dedication of the men and women who have worked so hard on this project,” said Douglass Karp, president of New England Development, during the grand opening ceremony on Friday, May 1. “I’m especially pleased to welcome the stores and the nearly 1,000 local employees who will be instrumental in making Asheville Outlets a special, regional shopping destination here in Asheville.” Asheville Outlets serves the greater Asheville market, along with upstate South Carolina and east Tennessee, and is located …